Impaired loans at December 31, 2011 were $56.5 million compared to $58.0 million at December 31, 2010. Specific reserves for impaired loans were $3.0 million, or 5.28% of the aggregate impaired loan amount at December 31, 2011, compared to $6.0 million, or 10.39%, at December 31, 2010. Excluding specific reserves for impaired loans, our coverage ratio (general allowance as a percentage of total non-impaired loans) was 4.62% at December 31, 2011, compared to 4.19% at December 31, 2010.
Net loan charge-offs during the fourth quarter of 2011 were $3.7 million, or 4.09% of average loans on an annualized basis, compared to $6.3 million, or 6.39%, during the third quarter of 2011 and ($134) thousand, or (0.12%) of net loan recoveries during the fourth quarter of 2010. Gross charge-offs of $3.8 million, which were specifically reserved for at September 30, 2011, primarily resulted from full charge-offs of a $3.0 million commercial real estate loan and a $285 thousand commercial loan. In addition, $546 thousand were partially charged-off on two commercial real estate loans and one church loan.
Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, the Company’s plans for Recapitalizing and raising capital, expectations regarding the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, and statements regarding strategic objectives. These forward-looking statements are based upon current management expectations, and involve risks and uncertainties. Actual results or performance may differ materially from those suggested, expressed, or implied by the forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, the real estate market, competitive conditions in the business and geographic areas in which the Company conducts its business, regulatory actions or changes and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
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